The Hungarian government maintains that the law does not violate free competition.
The Hungarian Parliament today approved the so-called "MOL law" by 334 votes in favor and four against, with which the Executive intends to defend the Hungarian oil company after the Austrian group OMV expressed its interest in taking control of its regional competitor.
According to the law that "protects companies of strategic importance", the Government will have powers to limit the scope of action of companies that want to acquire Hungarian water or energy suppliers.
OMV currently controls 20,2 percent of the shares, while MOL holds 40 percent.
The remaining 40 percent of the shares are held by various investors, whom OMV approached when expressing its intention to pay 127,7 euros per share.
Previously, the Hungarian government had rejected warnings issued by the European Commission regarding the so-called "MOL law," which aims to protect strategic companies, particularly the oil company MOL.
According to the Hungarian Ministry of Finance, the controversial law complies with EU legislation and does not violate the principle of internal market freedom in the European Union (EU).
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